GOLD & SILVER RALLY – GOLD HITS NEW ALL-TIME HIGH OF $2,585

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	Why Chinese Traders May Soon Propel Gold to $3,000
	In March and April of this year, the once-quiet gold market came alive, breaking through its three-year resistance zone of $2,000 to $2,100 and soaring by $400 in just a few weeks... Jesse Colombo
	Gold Hits Record High As Fed Rate Cut Speculation Grows Amid Slowing U.S. Economy
	Gold prices soared to a record high this week, driven by increasing investor confidence that the Federal Reserve will cut interest rates at its upcoming meeting... Jerry Lin
	Why Goldman Sachs Says Gold Is The Best Investment Right Now
	Goldman Sachs is advising investors to focus on gold as the best short-term investment opportunity... ER Velasco
	Gold’s Rally Is Just Getting Started
	We believe the most anticipated US rate cut in decades will bring fresh impetus to gold prices... Ewa Manthey
	The Tyranny Of The Penny
	I was disappointed to learn, recently, that the United States has created for itself a logistical problem so stupendously stupid... Caity Weaver
	Central Banks Buying Gold At Record Levels
	Central banks across the globe have been stocking up their gold reserves at record levels... Martin Young
	The Silver Institute - Silver News August 2024
	Silver and Bee Venom Combine to Save Bee Colonies....The Silver Institute

What can I say, Gold is seeing extraordinary demand and the price is reflecting that. I would like to see Gold trade between $2,550 and $2,585 this week, so Gold can consolidate recent gains and build a base for a rally to $2,600 by month end and $2,800 by year-end. Like I said last week, this September will be a positive month for Gold. Unlike the past seven years when Gold declined in September, this year, it has $2,600 in its sights.

Last week, we saw two key U.S. economic indicators showing weakness. On Wednesday, the Consumer Price Index (CPI) only showed a 0.2% increase for August and on Thursday, the Producer Price Index (PPI) showed an annualize increase of only 1.7%. But these key indices were far weaker than expected and confirm the Federal Reserve will lower its key Fed Fund interest rate this week. These two dropping indicators, plus a lower U.S. Dollar, and strong demand is what drove Gold to all-time record highs. The only question right now is, with our economy contracting, will the Fed lower interest rate by .25% or .50%? And what will Powell say about more interest rate cuts later this year?

Gold closed Friday at $2,581 per ounce, up $86 (3.4%) for the week, on excellent trading volume worldwide, but this is the week to watch the Gold price. On Tuesday, we’ll hear a report on U.S. August Retail Sales and Business Inventories. However, Wednesday is the big day, with the Federal Reserve making an interest-rate decision and Fed Chairman Powell’s press conference about the future Fed Policy.

Today: This morning in overseas trading, Gold reached a high of $2,590.20 before seeing short-term profit-taking by traders. Both physical and futures demand for Gold remains strong worldwide.
The weaker U.S. Dollar should help keep the Gold price above $2,470 today.

Last week, Gold was up $86 per ounce (3.4%) and what did the Silver price do? Silver closed last week at $30.77 per ounce, up $2.89 (10.3%). A 10% increase in price of any precious metal in a week is extraordinary, but this is the third time Silver has increased 10% or more in a week. The Silver price could be highly explosive and could surpass its May 20th, 2024 high of $32.58, and with Gold $150 higher since that date, I expect to see Silver reach a new 2024 high. After Silver’s big rally last week, the Silver-to-Gold ratio has moved from 89-to-1 to 85-to-1.

Today: Silver reached a high of $31.16 per ounce before seeing selling in London driving the price down below the $31 per ounce level. After last week’s 10% rally, Silver needs to firm up above the $30 per ounce area for most of this week.

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